Exclusive / Saudi sovereign wealth fund to partner again with Live Nation

A Public Investment Fund-owned sports investor is tapping two US operators to help it run a burgeoning network of arenas and stadiums across Saudi Arabia and promote music and sporting events in the kingdom, according to people familiar with the matter.

PIF-owned SURJ Sports Investment is in talks to form a joint venture, named Radia, with Oak View Group, the developers of arenas for the National Hockey League’s Seattle Kraken and the New York Islanders, and Live Nation, the ticketing giant which is facing US antitrust scrutiny.

The deal is expected to include promoting music events held in the kingdom to global audiences, and may also cover sports tournaments hosted in the country. An agreement could be announced as soon as next month.

Saudi Arabia is set to host the 2034 World Cup and plans to build 11 new stadiums and freshen up four existing ones. The flagship venue, the planned King Salman International Stadium in Riyadh, would seat more than 90,000 spectators and serve as a flagship entertainment venue.

The kingdom is also building a $1.4 billion Royal Opera House and a 20,000-seat arena in Diriyah, a UNESCO World Heritage site undergoing a $63 billion redevelopment. Riyadh is also developing entertainment arenas alongside a Formula 1 race track at Qiddiya, a new complex on the outskirts of the city, and is growing as a touring destination for music stars, hosting concerts by Benson Boone, Guns N’ Roses, Metallica, and Hans Zimmer.

SURJ and PIF declined to comment. Live Nation and Oak View didn’t respond to requests for comment.

The scope of the US operators’ involvement wasn’t immediately clear.